A traditional argument for unbacked fiat money was based on the idea it was less-costly to produce fiat money than gold or silver. This cost savings could then enrich society overall. But recent data suggests this isn't true.
Schumpeter's review, now available in English, emphasizes that Fetter's Principles is more than merely a textbook, and highlights the close connection between Fetter’s theory and the economics of the Austrian school, especially his classification of entrepreneurial activity.